Strategy Evaluation Process
What are the three main stages in the Comprehensive Strategic-Management Model?
-Strategy Formulation
Strategy implementation
Strategy Evaluation
What approaches can be used to review the underlying bases of an organization's strategy
A revised EFE and IFE matrix
The Balanced Scorecard is a ______evaluation and _______ technique.
Strategy, control
What term is defined as alternative plans that can be put into effect if certain key events do not occur as expected?
Contingency planning
What company is listed first in the Fortune's 20 most admired companies in 2014
Apple
Competitive advantages normally are the result of superiority in one of three areas
Resources
Skills
Position
Name one thing a revised IFE matrix focuses on?
Changes in the organization's management, marketing, finance and accounting, production and operations, research and development, and management information systems (MiS) strengths and weaknesses.
four perspectives that allows firms to evaluate strategies
financial performance, customer knowledge, internal business processes, and learning and growth
What new set of financial standards is being used along with GAAP in the United States?
International Financial Reporting Standards
Competitive advantages are normally the result of superiority in one of what three areas?
1. Resources 2. Skills 3. Position
List three corrective actions that would possibly be needed to correct unfavorable variances
Refer to table 9-4 ; Pg. 288
What does a revised EFE matrix indicate
How effective a firm’s strategies have been in response to key opportunities and threats
Professors _________ and _________ developed it in the early 1990s at Harvard Business School
Robert Kaplan and David Norton
Name one of the three challenges that face all strategists today?
1. Deciding whether the process should be more of an art or a science 2. deciding whether strategies should be visible or hidden from stakeholders 3. Deciding whether the process should be more top-down or bottom-up in their firm
Name 3 of the six key issues firms examine when evaluating its strategies
(1) Customers, (2) Managers/employees, (3) operations/ Processes, (4) Community/Social responsibility, (5) Business ethics/natural environment, and (6) Financial
List the three guidelines that determine if organizational problems are the result of inconsistencies in strategies
Table 9-1 ; Pg. 282
what factors should continually be monitored for change
external opportunities and threats and internal strengths and weaknesses
The Balanced Scorecard institute has a Certification Program that includes two levels of certification
Balanced Scorecard Master Professional (BSMP) and Balanced Scorecard Professional (BSP)
What do bottom-up advocates argue?
Lower-and middle-level managers and employees who will be implementing the strategies need to be actively involved in the process of formulating the strategies to ensure their support and commitment.
According to the textbook, what company was used as an example of taking extensive, corrective actions?
McDonalds
This activity includes comparing expected results to actual results, investigating deviations from plans, evaluating individual performance, and examining progress being made toward meeting stating objectives.
Measuring Organizational Performance
Name all three questions that should be asked in the strategy evaluation assessment matrix
Have Major Changes occurred in the Firm’s internal Strategic Position?
Have Major Changes occurred in the Firm’s external Strategic Position?
Has the Firm Progressed Satisfactorily toward achieving its Stated objectives?
An effective Balanced Scorecard contains a carefully chosen combination of __________ objectives tailored to the company’s business.
strategic and financial
Name three guidelines for the Strategic-Planning Process to be effective.
Refer to textbook
Chapter 9 had an exemplary company showcase on Nike, Inc. How much did their revenues rise in Q1 of 2015?
25%